Marketing Management

MARKET INTRODUCTION:

Market provides a mechanism for the sale of goods. According to the prof.Philip Kotler market is an area or atmosphere for a potential exchange. Marketing includes all activities involved in the production and distribution of goods and services. Marketing concept refers to the philosophy of an organization in relation to marketing of a product of service.

MEANING OF MARKET:

The term market is derived from the Latin word 'Marcatus' which means merchandise, trade i.e. purchasing and selling of goods. It is a place where buyers and sellers meet together for the exchange of title of goods. i.e. it is a place where business is conducted. The market provides a mechanism for the sales of goods, but the actual delivery of goods may not take place in all the cases.


According to Prof. Mitchel market is not a geographical meeting place but as any getting together of buyers and sellers, in person, by mail, telephone, telegraph and internet or any other means of communication. Prof Philip Kotler expressed in his famous book ' Marketing Management' the term 'market' as area or atmosphere for a potential exchange.


Market is an arrangement that provides opportunity of exchanging goods and services for money or money's worth. Thus in market there are two groups of persons, one group holding the goods which they want to sell and another group of prospective buyers who want to pay for the goods they are going to buy. It means that three points are interlinked; namely place, atmosphere, and demand. Place stands for a convenient  place for the buyers and sellers to come together for the exchange of goods and services; atmosphere stands for the contact between the buyers and sellers; demand stands for the people with needs and wants to satisfy and purchasing power.